Share. And we have got a very big lineup today. Special guests straight ahead, including cnbc boss, former fed chair and nba superstar and also now behind a Venture Capital firm. Car me lo anthony. Thats a nice mix of piece you wont see. All three on together would be a great conversation. I think so. Im definitely going to ask car me lo anthony about the flatt flattening curve. Digital athlete. Watching the markets. Heres the markets as we have it right now. The dow up 43 points. Some buying midday when word got out about a new survey in scotland that showed maybe a majority would vote against independence so our markets picked up some pace there. Dow was up 60plus at the peak. Now up 43. Nasdaq trading higher up 23. And the s p 500 index after the 13point drubing yesterday, up at 1993. Talk about this in the closing bell exchange. Quincy crosby is back with us. Jack barugian. David seaburg and my buddy Gordon Charlotte there on the floor of the New York Stock Exchange. Gordon, starting with you. A slow news day and why suddenly that reaction . Why would the a. R. M. Market rally . Well, listen. Polls are just that. Right . Bill, we have to wait until the actual election comes about. But look. We are just trying to read the tea leaves down here, bill. Including trying to find out why youre not here on the floor. Thats behind whats that all about . Big secret, why. Looking at scotland and the sneaking up of rates here since labor day. Of course, a lot of buzz on the floor about the ipo coming next week. And then theres a lot of conferences around. The apple conference. Companies talking up the book ahead of earnings so were sort of locked in here trying to figure out whats coming next and seeing a little bit of retracing of what we lost the last couple of days. David, same question to you. Why do you think markets turned higher . Do you think thats not the reason why we have seen the dow up 50 points on the day . Yeah. No. I think thats part of the reason why we have moved higher here a little bit but i would say to you, kelly, you know, we are still in the a complacent tape. People hanging on to a thread of information they can. Currency head winds can be an issue. Look. I think that, you know, whats interesting on our desk today and seen some hedging, a little bit of hedging in the russell 2 and seeing hedge funds place bets of Downside Risk there which i found to be pretty interesting this morning and watched it play out a little bit. Is it early signs of a setup to a possible that there could be a possible selloff near term . Absolutely. David, have you seen that . I believe theres a david, we havent had a 10 correction in 2 years. Have you seen that kind of hedging before when it didnt pan out . Yeah. We did see some hedging and interesting of 10 because the hedging we are seeing right now or the setups that we are seeing arent indicating a 10 but a slight Downside Risk. Theres expectations that there will be an underlying bid to the tape so maybe a 5 or so pullback which is not that deep or significant. Yeah. Well no. 4 is new 10 it seems on that front. Jack, you have to admit looking around at the markets today and the places seeing strength like market which is trading off and struggling in terms of sales growth, doesnt necessarily get you excited, does it . Or otherwise, does it seem like the quote unquote wrong names are rallying today . No. We have to understand whats happening here. The selling pressure coming from europe. It seems to stop on the european markets close. Dollar denominated selling. Look at the portfolio managers, whether theyre european or japanese portd folio managers, they beat the bogey for the year. Up 15 to 20 in the year along with the equity appreciation. Thats a bit of a head wind and keep in mind what were also seeing is a situation of Interest Rates becoming in flux. If thats the case, and, kelly, this is very important to keep in mind, what we are going to see is decoupling and very messy and when it does happen it is very bullish for equities. What decoupling are you talking about . The fact of stocks and bonds in the same direction now for a while. If we start to see them go in opposite directions, which is the normal way and the normal pattern of what we should see, then we should see some large Strategic Asset aloe cases, money out of fixed incomes into equities. Thats a pattern to Pay Attention to over the course of the next couple of months. Rick is not here and would tell us how sloppy the 10year auction was today. 250. 37 the bid on that when all was said and done so yields are moving up. We see there 253. 4. Quincy, you are pointing out that maybe the market is looking for a new catalyst for a trend here. What do you think that would be . Well, you know, very much to get the new trend coming out of the earnings season. Thats going to be important revenue but also, obviously, what the fed says next week. It is one of the most important meetings i think in modern economic financial history for markets. What we need to hear from her is whether or not she sees a change in the economic landscape. And if she does, rates will move higher. The market seems to have been very, you know, clear. Weve got through the idea that qe is going to end. That made the market nervous initially and then the markets going to have to kind of digest the fact if activity picks up, the rates move higher. Its going to be volatile and ultimately top line Revenue Growth wins out and that will be the catalyst to get us moving higher. Quincy, though, why do you say that the meeting is so important seeing the conditions kind of moving in this direction for sometime now . Why does so much rest with what happens next week . Because, because it is a meeting in which chair yellen has an opportunity to lay out the game plan. They know the market is waiting for it. Right now, you see a differential at work with draghi pushing the euro down. Pushing the dollar higher and need to hear from her the path. The markets waiting whether or not she takes out low rate farce long time. By the way, you know, there was a rumor out today that maybe they remove in their next communique that language that suggested that rates would remain low for a prolonged period of time and take that out. Its going to come out and be changed. The hawks and the doves want to see a change in the language. Gordon, what would that do to the market, do you think . Is the market is it tend to be dovish and see rates remain long low for a long period of time or are they bracing themselves for this inevitable rate rise . Bracing themselves but the thought of the qe was the end of the earth we got through it. What about you, gordon . I agree with quincy. The next weeks policy statement is going to be skrutized heavily and very likely the language referring to and what will end up happening, though, seeing a knee jerk reaction and cooler heads prevail and wont anticipate too large a move and too large a shift of equities so, again, get back to top line growth and look to earnings season. If there are people placing bets in the market for an equity selloff here, do you think its around the risk of the language changing of something comes out of the fed meeting, laying out a strategy for higher rates. If thats the case, what about the goldman note today saying, higher rates dont worry . Yeah. Well, look, i do agree. It could be hedging ahead of that and derails the tape a lit built. No doubt. I think the most interesting thing and we talked about it in the past is divergence of a large cap versus small cap right now. Larger Companies Leading the way. I think you are not going to see a selloff into large cap in year end but a massive catch up and the people that want to make the bets and want to make the leverage trade are buying the smaller cap names and close that gap between the performance, between the two. So i think well probably have a near term pullback and maybe next week. What do you do in that situation . I think there are buyers on dips and small cap names in the russell 2 in hopes to see an acceleration versus other indices. I should remember who this was but an analyst raised the price target on the s p to 2350 for next year. That was piper jaffrey. It occurred to me, jack, we have never gotten a price target from you. What are you expecting end of the year for s p . I was on Larry Kudlows show and talking 2150. I think next year 2350 or 2400 is attainable and not a percentage increase at that point and you know, the other thing to keep in mind is that when we start to correct, people have to keep in mind a 5 correction at this point is 100 s p points so we cant get scared by the big price moves. All right, guys. Everybody, thank you for your thoughts today on the markets. Appreciate it. No running, gordon, by the way. No running. I dont know. You never know what happens around here. 50 minutes to go. Up 61 points. S p adding about 6 and nasdaq up 33. We have a red alert on Interest Rates. Steve liesman warned us about this yesterday. Today, former fed chairman greenspan tells us if janet yellen is ready to change course on Interest Rates. Alibaba going gang busters on day two of the road show. Is this a sign of an overheating ipo market . The pros weigh in. Cbs ceo moonves speaks in new york city. Les is always interesting. Always candid. We love having him on. Hell be up in a moment. Whenwork with equity experts who work with regional experts thats when expertise happens. Mfs. Because there is no expertise without collaboration. Welcome back. Its a big week for cbs chief les moonves. Tomorrow night is the first of thursday night football broadcast. A deal with the nfl moonves was involved in making and tomorrow nights game includes the reins, a team, of course, embroiled in the ray rice controversy. He did let go of the u. S. Tennis open which im sure david favre will ask him about. He joins us now to sit down exclusively with cbs president and ceo les moonves. David . Yes. Thank you. We can talk football, u. S. Open. Thank you for being here. My pleasure. With ratings, you started the presentation on ratings and, you know, theyre down across the board for it seems virtually everybody who makes programs that people watch on tv. Is this a longterm trend or not being measured properly . Well, i think i think were looking at the world very different way than we did before. People are still judging it from overnight ratings and the truth of the matter is now were measured in a c7 universe whereby you have to count people watching the show the next day or even the next week. So, more and more viewing is going on online, dvrs and other places so i dont think its being counted properly. I dont think its reported properly. Does that mean you have an issue with nielsen . You wouldnt be the first ceo of a major media company. We have won the last 11 seasons so as i like to say the winning team doesnt argue with the referee. You know . So we have no problem with nielsen. Nielsen has moved very quickly to get these online viewers, to get viewers from dvrs and count the appropriate amount of people. Are they there 100 . Not yet. Soon doing that and as soon as thats all done, youll see just as many people watching television as ever before. Really, if i look at the year over year, then i start to see increase or flat . I believe when you look at our ratings at the end of the year, if everything is counted in, you will see at least flat and possibly an increase. When do they get around to do that effectively . Theyre getting there quickly. I expect it theirly shortly. Not exactly when. Nielsen caught up. Look. Theyre the only measuring stick we have and we swear by them. Nice if there was another measuring stick. Thats the way the world is. Are you going to win it again . Are we going to win it again . No predictions. With thursday football we should be stronger than before. I think we have a very good chance of winning it again. You mentioned football. Youre going down, i believe, to the game. Correct. Some issues right now, of course, controversy involving ray rice. More so also the response of the commissioner. Right. Youve got a longterm relationship with this league that is extremely important to cbs. Are you concerned at all . Yes, it is. Look. We have a longterm deal. No, im not searched. Look. I think the commissioner eer b admission was too lenient and corrected himself fairly shortly thereafter and took the appropriate action. He is now suspended indefinitely. The reins cut him from the team. It was horrific. Here to believe see. Horrible to hear about. But the nfl is still an important part of america. Its still an important part of cbs. It certainly is. Not just on sunday but now on thursday. Now on thursday. Twice a week. For i think nine eight games. Eight games. You happy with that deal . People said you paid a lot for it. I love that deal. Id extend that deal today for ten more years if i could. Why . Well make a profit on it and in addition to thursday night tightens the schedule, the ad inventory. Enables us to move the Big Bang Theory for six weeks over to monday to strengthen that night. And well have more originals throughout the season and we think having thursday night football is a grand slam home run. And were very proud we have it. And i mean, obviously, another nine years to go on this deal, right . Correct. You believe this league will be able to maintain if not increase the value over that time . The nfl is proven to be the best thing there is in television. Thats why people are paying so much money and yet we still make a profit. The nfl is basically invincible. The numbers keep going up just about every year. The product is something people cant get enough of. Im really happy we have a longterm deal with the nfl. We had our Opening Sunday, this past sunday. It was the largest Opening Sunday for us in 16 years. So, theres still great demand for television for nfl. And demand for Television Overall by those who advertise on it, one of the key concerns here if you will is always going to be the ad market with a bunch of media ceos in one place. Digital siphoning off is a key theme and there was a softer up front. Many say, well, it goes to the scatter market. Are you concerned that advertising pricing is soft . Not really. You know, our up front was down in terms of volume. 4 or 5 . Cpms up mid Single Digits to say we have to sell 70 25 versus 21 of our inventory in scatter doesnt worry us at all. In 11 of the last 12 years, i believe it is, scatter pricing has been higher than the up front pricing and to sell a few percent more, having the schedule we have, im very excited about the year. Once again, in every marketplace, there are winners and losers. As i said, very pleased with the cpms and volume down very little. The new normal to sell less in the up front . Probably. You know what . Ive been doing this a long time. There are good years. We sold up to 80 and there are years you sell 65 so selling mid70s, not bad. Not bad. Youre not really seeing significant softness. We have done interviews and periods where, obviously, things were not great. You have admitted that. The season begins in a week and a half. Ive been there. Sold the inventory for the up front and then the scatter is sold when the season begins. Tomorrow night beginning football. A week from sunday beginning the regular season and the scatter comes into play and see if theres real softness. Scale. You and i have had this conversation to a certain extent, of course, a year featured our Parent Company comcast and a potential acquisition and at t buying directv. Came up a lot when time warner was in play, sort to speak or fox trying to buy it, you feel youre big enough . I absolutely do. Look. We feel very complete. We love our assets. We have cbs, showtime, simon and shuster, a lot of television and radio stations. Nobody can exist without the cbs content on their air. Yes, comcast is going to get bigger. At t going to get bigger. We have to negotiate with both of them. They cant live without your content. They cant live without the energy and the Big Bang Theory. Going to administer that beatdown of Time Warner Cable as a part of comcast . Comcast will be bigger and stronger but Brian Roberts and i have always worked out a deal. Something thats been around and not that this is any chance of happening but i viacom and cbs getting back snogt. I highly doubt it. Viacom is scuffle. Cbs is successful. Both thriving independently. They want to stay apart as do we. Love that same controlling shareholder, too, right . Same controlling shareholder. On the portfolio, we spoke on the day that outdoor went public. That is since been spun out. Spun out. Yes. Looking at the portfolio, one thing to stand out is radio. Is that potential the last piece that you might consider . Simon and shuster also selling. We own 127 some odd radio stations. I think you might see us try to trim down radio and that some of our radio stations arent in major markets. We believe in radio. Slow growth radio. Not as fast as other businesses. We like it. As i said, you might see a reduction in the number of radio stations. Not necessarily figuring out how to spin it to shareholders or sell it . Highly doubtful, highly doubtful. S if it is a content business. Its a great business. Radio is a content business. We have developed our Sports Radio Network which works in concert with the other divisions. Cbs Sports Network and cbs sports and showtime. Valuable content. Talking about content, letterman stepping down. Colbert stepping in sometime next year. Sometime next year, exactly. Who is james cordon . He is one of the most talented individuals ever. He was on broadway. Wellknown guy in great britain. 35yearold. One of the funniest, most charming, most entertaining comedians, song and dance man, interviewer, talk show guy. Great to bring to america somebody that people dont know and in for a surprise. A benefit in a way that not many people really know who he is taking over the latenight sflam. 12 30. A different time period than it was. I think it is great to take a big swing at the plate. I love doing that. We really believe in this guys talent and yeah i think we can have a great time with it. Leslie, thank you as always. Thank you. Very much appreciate it. Back to you guys. David, thank you very much. Dont miss davids exclusive interview with sprint Ceo Marcelo Claure tomorrow right here